<p>The nice thing about a joint credit card/authorized user, is that then you are able to talk to your credit card company about billing issues. If it’s in their name only it’s up to them, even if you are paying the bill.</p>
<p>Do you know which bank issue credit card for young adult 15 years old ? Thx.</p>
<p>BofA, preferred financial institution at DD’s prep school, flatly said that there was no way to issue a credit card to a minor (in the minor’s name) because a minor cannot enter into a contract. Debit card - yes; piggy back- yes; credit building credit card - no, not before, not now, not after February. </p>
<p>The school’s BofA contact said that she was being besieged by calls from parents seeing if they could squeeze in under the February 2010 deadline. </p>
<p>She had no solution to offer for 18+ students who formerly could get a BofA StudentAdvantage card but will not be able to after February. The phrase catch 22 came up. </p>
<p>So BofA is not a solution - Anyone heard from any other institutions?</p>
<p>We belong to two credit unions, both with teen programs. One will issue credit cards (with over 21 cosignatory) to teens starting at age 16. yan, try checking local credit unions to see if they’ve got something similar. Below 16, the only option I see is a checking account with an ATM card.</p>
<p>Went to BofA today to make sure all banking requirements were OK. D has a checking & savings account that she set up with them when she was under 18. Because she was under 18, I had to be on the account also.</p>
<p>She’s 18 now. We asked about getting her a credit card–she applied on the spot for the Student Visa card with a $600 limit. I mentioned that I understood that I would have to co-sign for the CC–BofA rep said no need for me to do so. Interesting…</p>
<p>So we’ll know in 10 days whether card will de approved or denied. I’ll let you know.</p>
<p>What was cute was the bank officer gave her a lecture about credit cards and building credit and the concept of wants vs. needs. Credit cards are for needs, not wants. Pay your bill in full every month. Don’t use your cc to get cash advances-there are expensive fees attached. </p>
<p>A bit in kind like the lecture you might expect to hear from your pediatrician on that last visit before going off to college–about excessive drinking, stds, drugs, etc.</p>
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<p>To update…we got a letter from B of A saying that D’s request for a credit card was denied. I thought it was weird, since the B of A rep acted as if the credit card was a done deal. Well, credit requirements have changed in the past 10 months…</p>
<p>So we went in today to the B of A, with the idea of inquiring about credit cards that we could co-sign for her. I read the denial letter carefully (should have done it earlier) and saw that D was being denied for the Super De-luxe Platinum Plus card–some B of A rep had clicked on a wrong box somewhere. </p>
<p>The new B of A rep said that D had been approved on the spot for a Student VISA card with a $700 limit, with no parent co-signer required.</p>
<p>So, B of A is issuing credit cards to students without co-signers as part of their Student Account package. Not a big limit to start out with, but the limit does go up and a student can spend the next 4 years accumulating a credit history. The rep did ask what parents annual income was, but we were not required to co-sign for her.</p>
<p>What is the scoop with Rushcards?</p>
<p><a href=“GO2bank | The Ultimate Mobile Bank Account”>https://www.rushcard.com/howitworks/default.aspx</a></p>
<p>Actually the law changed it so that being an authorized user has much less impact on a person’s credit, but not no impact at all. If the person is over 18 they should consider applying for their own student credit card or secured credit card. </p>
<p>[Student</a> Credit Cards at Card Hub](<a href=“http://www.cardhub.com/credit-cards/student/]Student”>Compare Student Credit Cards from Major Issuers & Apply Online)</p>
<p>Keep in mind that since the CARD Act passed that consumers between the ages of 18 and 21 have to either prove a source of income or have a co-signer in order to apply for a credit card, secured or unsecured.</p>
<p>Yes, I would and did. It has been useful for high ticket, quick need things, and even for id. Airline tickets, bus tickets, books, medical expenses can all be paid immediately and then the bill perused for me to pay if necessary. It’s a pain at times having to have cash sufficient for emergencies. One time, on a ride home, an emergency car repair was necessary. The card made it much easier. </p>
<p>Now, my kids did not use their cards on a regular basis. The cards were used on unexpected large ticket choices and they always called me before using the cards, because that was the condition that went with them. Also, I told them that they were risking not getting the charge paid if we were not told about them first. </p>
<p>Son recently used his to pay for checked luggage when he got on his flight home, payment for some medical tests. Also he has used it a few times to pick up stuff for us when he is out. He does not carry sufficient cash to be able to pick up a bag of dogfood, fill the gas tank, pay for the dry cleaning pick up or other things that make it handy for him to get for us. Recently he picked up a computer for my mother that was on special at one of the stores as a loss leader, and happened to be available when he went into the store to pick up some office supplies. When these things happen, we immediately reimburse him and he stashes the money in his checking account and pays off the entire bill each month. He has had many months with no charges. He can also order from the internet this way, which he did to order some things not easily or as cheaply available locally. </p>
<p>My oldest was golden with the card until after college. After I exhaled, my older ones crashed in terms of abusing credit, running out of money, overdrafts, over spending. While in college, they were pretty much exemplary in those areas. But then most of their needs were right there and it was truly the exception to use those cards. It was when life was no longer campus bound and there was so much to buy and spend that card abuse, really money abuse became a problem. </p>
<p>There are some kids who run into trouble immediately, however. With my friends, it seems it’s the girls that run into these issues. A close friend was furious, upset, when she found out after graduating that not only were her D’s account all empty, the emergency creditline was used and the credit card was maxed out. What a way to have to spend that graduation gift money, I said. I don’t know if this was an issue during the college years, but it did come to light recently. Several other moms I know came across this issue with their daughters too.</p>
<p>Having the bill come to you for payment is a good control and teaching technique. That way you can see how they are using or abusing the account. You can pay the bill and have them pay you for any expenses that you feel are entirely attributable to them. I know, my son had a rather large line item for Red Robin Restaurant. He picked up the tab for everyone, and collected the money. I paid the entire bill, and he gave me the money later. He did have it stashed in his bank account. I was impressed as I have found myself holding the bag when I;ve done this by spending the cash collected so that it isn’t there when it come time to pay the bill. He did better than I did. Had he not done this, it would have been a lesson taught about what you have to do when paying a group tab or group anything by your card, and then collecting the cash.</p>